... CHESTER Pa. Jan. 15 --- According to dat...-- Greater anxiety over medical benefits than their elders faced./...-- Living longer and retiring later also expecting more flexibility i...-- Emotional and financial dimensions that factor into the decision to...

CHESTER, Pa., Jan. 15 /PRNewswire-USNewswire/ --- According to data
from the 2000 US Census, Pennsylvania's population ranks among the second
oldest in the United States behind Florida. Widener University, in
conjunction with the Pennsylvania Department of Education, recently
released "The Widener Elder Pennsylvanian Survey," aimed at investigating
the outlook of this demographic. The survey talked to baby boomers and
centenarians about their attitudes toward their futures, work, wealth, and
health issues. Overall, Pennsylvanians are very worried about health care
expenses destroying their retirement nest eggs. In fact, 67 percent of
respondents fear they will spend all of their savings on health care. Other
key findings indicate Pennsylvania boomers are concerned about the
following:

-- Greater anxiety over medical benefits than their elders faced.

-- Living longer and retiring later, also expecting more flexibility in
the workplace.

-- Emotional and financial dimensions that factor into the decision to
retire.

Pennsylvania baby boomers, those born between 1946 and 1964, who are
aged 43 to 61, reported increased anxiety about health care costs, which
indicates that both the state and local governments will face an important
challenge in the future. A staggering sixty-six percent of working
individuals were either "very worried" (21 percent) or "somewhat worried"
(45 percent) about spending all their money on health care. In fact, 78
percent of the workers "agree" or "strongly agree" that they continue to
work just to maintain medical benefits. In addition, those who are in "poor
health" are much more likely to be "very worried" (40 percent) than those
who classify their health as "excellent" (15 percent).

"From changing attitudes towards retirement, to growing boomer
anxieties over health care, the statistics uncovered in the first
installment of this survey are significant in uncovering the challenges
boomers face," remarks Dr. Eric Brucker, professor of economics at Widener
University and principle investigator of the survey. "The attitudes and
trends revealed in our survey are relevant not only to other aging baby
boomers, but to the state, local governments, and employers alike."

A little over half of boomers (52 percent) indicate that they plan to
retire at or before age 65, compared with the majority of their elders, (82
percent) who report being retired before age 65. Pennsylvania boomers plan
to work longer than their elders but they also expect more flexibility in
the workplace. A reported 42 percent of those working would hope to phase
out their full-time job by working fewer hours. Other boomers (70 percent)
see working part-time, or being self-employed, as a transition strategy.
Shockingly, 25 percent of all those working expressed an interest in never
retiring.

"This statistic is especially pertinent to Pennsylvania's employers and
public policy makers, and will impact new employer strategies as boomers
plan to extend their working lives," says Brucker. "In addition, as the
state plans for future aging, it will need to anticipate the trend of older
retirement."

The survey also reveals a shift when and why elders chose to retire.
Retirement has evolved into a decision that takes into account both
emotional and financial factors. This survey reveals many boomers in early
retirements are associated with poorer health and a lesser sense of
emotional well being. Ninety-seven percent of non-retired workers age 62 to
70 and 86 percent of working boomers reported that their emotional
well-being was either "very good" or "excellent." Conversely, only 63
percent of the retired boomers and 78% of those boomers over age 70
reported "excellent" or "very good" emotional well-being.

As defined contribution plans continue to grow and traditional employer
provided lifetime pensions are steadily decreasing, boomers are feelings an
increased pressure to manage their own retirement sayings plans. The
majority of non-retired people (92 percent) have defined-contribution
plans, such as 401(k)s, while only 63 percent of those currently retired
do. Nearly half of boomers who had not retired had developed a plan (48
percent), while only 34 percent of the retired group had developed a
financial plan with specific goals for retirement, indicating an increased
understanding in the need to plan.

"As trends shift away from employer provided plans and health
insurance, personal responsibility becomes even more pressing," said Dr.
Brucker. "I would urge all boomers who haven't made a plan to address these
issues do so as soon as possible."

Brucker has served as a dean at four different universities, including
Widener's School of Business Administration, and currently serves on
several national committees, including a task force sponsored by the
Association of Gerontology in Higher Education (AGHE), and a task force
sponsored by the American Association of Retired People (AARP) Office of
Academic Affairs. He received his doctorate from Duke University and his
undergraduate degree from the University of Delaware. In the second volume,
which will be released in the spring of 2008, Brucker will specifically
research the health care and health insurance concerns of elder
Pennsylvanians.

About the Survey

The information in this release is based on survey research conducted
by Dr. Eric Brucker, professor of economics at Widener University. Brucker
is the principle investigator on a Pennsylvania Financial Gerontology
Survey funded by the Pennsylvania Department of Education, as well as
co-author of "The Widener Elder Pennsylvanian Survey: Baby Boomers to
Centenarians Volume 1." The telephonic survey, conducted in cooperation
with Mathew Greenwald and Associates, was undertaken in May 2007 and was
restricted to 750 randomly selected Pennsylvanians who were at least 43
years old--the youngest of the "baby boom" generation. The findings from
the first volume are the first in a series of four.

About Widener University

Widener University is a private, metropolitan university that connects
curricula to social issues through civic engagement. Dynamic teaching,
active scholarship, personal attention, and experiential learning are key
components of the Widener experience. A comprehensive doctorate-granting
university, Widener comprises eight schools and colleges that offer liberal
arts and sciences, professional and pre-professional curricula leading to
associate's, baccalaureate, master's and doctoral degrees. The university's
campuses in Chester, Exton, and Harrisburg, Pa., and Wilmington, Del.,
serve some 6,700 students. Visit the university website,
http://www.widener.edu.

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